Novartis to close NeuTec Pharma

Novartis has decided to close down NeuTec Pharma which it bought in June 2007 for £305 million. Nutec was developing drugs to fight hospital superbugs such as MRSA, but its lead product Mycograb (efungumab) failed to receive expected regulatory approval. Staff at NeuTec Pharma, which is based at Manchester Science Park, have been put in consultation with a view to the business being shut down. Nutec was founded in 1997 with the backing of 3i and floated in 2002.